In today’s briefing:
- Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer
- Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September
Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer
- After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU)entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.
- GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR’s indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.
- The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is.
Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September
- The Gold Road Resources (GOR AU) IE considers Gold Fields Ltd (GFI SJ)’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR’s NST stake.
- The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.
- The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%.
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